Britain’s Chancellor George Osborne wants the country to stay in the European Union at all costs.
And today, he released a killer doomsday scenario in The Times about how Britain will suffer if people vote to leave the EU in the referendum on June 23.
The two key takeaways — if Britain leaves the EU — from Osborne’s article in the newspaper are:
- Britons will be £4,300 worse off a year.
- The economy will shrink by 6% by 2030.
In other words, the country will suffer and so will individuals’ personal pockets.
His article in The Times is just as scathing when it comes to a Brexit and says that leaving the EU would be a “self inflicted wound (emphasis ours):
The conclusion is clear: for Britain’s economy and for families, leaving the EU would be the most extraordinary self-inflicted wound.
The Treasury analysis shows that under all plausible alternatives to British membership of the EU we would have a less open and interconnected economy — not just with Europe but, crucially, with the rest of the world.
There would be less trade, less investment and less business. Leave the EU, and the facts are: Britain would be permanently poorer. Britain’s families would be permanently poorer too.
Put simply: over many years, are you better off or worse off if we leave the EU?
The answer is: Britain would be worse off, permanently so, and to the tune of £4,300 a year for every household.
It is a well-established doctrine of economic thought that greater openness and interconnectedness boosts the productive potential of our economy.
That’s because being an open economy increases competition between our companies, making them more efficient in the face of consumer choice, and creates incentives for business to innovate and to adopt new technologies.
NOW WATCH: How ISIS makes over $1 billion a year
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.